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educate me 401-k

  1. #1351
    Your Father csmutty's Avatar
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    Re: educate me 401-k


    Quote Originally Posted by Vovchandr View Post
    Not accounting for house appreciation rent can easily be cheaper than fixed costs on the house.

    Math obviously varies, but lets take a realistic example.

    $200K house in the my local area, I know somebody closing on it. Taxes alone around around $600 a month. Add other fixed costs like sewer+trash+home owners insurance + misc costs of running and maintaining a home and you're looking at $800+ on the conservative side. 2 Large bedroom house, full basement, $1400 sqft. We won't include interest etc as that can technically be written off depending on your situation and taxes etc.

    Same area, same school district 2 bedroom apartment was about $900 a month.


    Not adjusting for the arguably much better quality of living in your own home instead of apartments but there is certainly a small or negligible of even negative price difference of "thrown away" money every month that doesn't count towards equity.


    There are a lot of variables to these equations, some of them intelligible like some people valuing privacy above all else while others valuing somebody else fixing broken shit and having no liability over their head.

    Point is, especially in expensive tax areas fixed costs on the house can be higher than local rent in complexes.
    And since this is a motorcycle forum .. Have fun getting your bike stolen with that 2br apartment.

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  2. #1352

    Re: educate me 401-k

    I dont know what to tell you guys, I'm not really here to argue NY property taxes, was just giving that as an example.

    On average $200k homes here will be ~$5k in taxes depending on the area for a "reasonable" rate. $3k/3500 for cheap rate. $7k for a a higher but normal rate, over $10k for "expensive tax areas".

    Keep in mind that some places will be assessing you at half the retail value ($200k home will be assessed at $100K so you pay taxes on $100k), many will be close to retail value and some will be higher than retail value. Overall tax rate is very close throughout the area.

    Thats another discussion however.

    Quote Originally Posted by csmutty View Post
    And since this is a motorcycle forum .. Have fun getting your bike stolen with that 2br apartment.
    When I lived in apartments my bike has been safe outside for a decade. My brothers bike in another apartments doesn't have an issue either. Nothing other than occasional OEM lock with the key with forks turned. There was one instance of idiot kids causing damage around the neighborhood and my bike got knocked over, but I got a check from the lawyers for more than the bike is worth for a few scratches, so no complaints.

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    Last edited by Vovchandr; 04-25-19 at 08:19 PM.

  3. #1353
    Lifer tsorfas's Avatar
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    Re: educate me 401-k

    May start a different thread on this but it sort of fits here too.
    What are our thoughts on life insurance? I get something very basic from work (I think 10k?) but as our family grows and our responsibilities grow with it it’s time to think of stuff like that. Been looking into term more than anything but I’m open to discussion and suggestions.

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  4. #1354
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    Re: educate me 401-k

    Wife and I both do (20 yr) term. By the time they expire, if we don't expire before, our son will be an adult and hopefully out living on his own and not reliant on us. We also both have "free" group policies through our employers, but the amount is relatively small and not portable if we leave the company.

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  5. #1355
    Angry Gumball RandyO's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by nhbubba View Post
    I disagree that a home is a financial liability. As the saying goes, they aren't making any more land. Sure, the home & structures on it may depreciate. But I think that for most of us the land under the home definitely appreciates more than enough to counterbalance sunk costs.

    And then there is the stability aspect. Owning your home puts you in the much more control. Even maintenance and repair can-batshit crazy HOA rules not withstanding-can be mitigated or postponed. Not so when someone else owns your home and makes those decisions. Rent increases are far more outside of your control.

    I'd much rather have a fixed 30 year mortgage on a home I have control over than a lower rent on a home I don't. That security is multiplied once the loan is paid for.
    no doubt, over a 30 year period, the value of your land will appreciate (unless you purchased in one of the "peaks"), however, for shorter periods, say 5 or 10 years, that may or may not be the case. As land surveyor/septic designer, I have been close to the land development industry, in my town, for instance, back in 1970, building lots were $15k, by 1980, they were $30k, but by 1982, value dropped to $20k, then by 1989, value was $75k, next, 1992, value dropped to $25k. then gradually back up to $75k in 2006, in 2009, back down to $30k, value has come back, maybe $65k, but still not the $75k they once commanded back in 1989 or 2006, although with the current demand, I suspect lots may be $80k shortly

    Double those values for the town you live in 15 miles south

    god may not be making more land, but value, is based on supply and DEMAND, people get laid off, bad economy, the demand goes away, on the supply side, while there isn't more land, when the economy is good, there are more developers, and more "building lots" on the market vying for those demand dollar, value doesn't go up as fast as it drops in a recession

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  6. #1356
    Burns retinas nhbubba's Avatar
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    Re: educate me 401-k

    Self insured

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  7. #1357
    Angry Gumball RandyO's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by tsorfas View Post
    May start a different thread on this but it sort of fits here too.
    What are our thoughts on life insurance? I get something very basic from work (I think 10k?) but as our family grows and our responsibilities grow with it it’s time to think of stuff like that. Been looking into term more than anything but I’m open to discussion and suggestions.
    many argue against whole life policies, but the is what I purchased when I was 16 years old, in 50 years, I have paid in just over $10k for a $10k death benifit policy, however when I was 59, I "borrowed" against it, $12k to buy my V-strom, and pay a few bills. Still has a paid up $10k death benefit and more value to borrow against or cash in, and haven't paid back a cent of the $$ I "borrowed"

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    RandyO
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  8. #1358
    Lifer Not Sure's Avatar
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    Re: educate me 401-k

    I'd suggest that a employer sponsored benefit or individual policy of $10K isn't life insurance, it's death insurance. Just enough to buy the box, flowers and burial plot but obviously not enough to take care of a family or debts if those things will be required. Doesn't make it a bad thing, just makes it what it is.

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  9. #1359
    Angry Gumball RandyO's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by Not Sure View Post
    I'd suggest that a employer sponsored benefit or individual policy of $10K isn't life insurance, it's death insurance. Just enough to buy the box, flowers and burial plot but obviously not enough to take care of a family or debts if those things will be required. Doesn't make it a bad thing, just makes it what it is.
    I agree, however, if yer thinking a life insurance policy of any kind is more than that yer dreaming, so, you get a term policy for $100k, how long is $100k going to take care of family,

    yep, you got it, there are better ways to provide for your family after death

    all a life insurance policy needs to do is save your loved ones the expense of burying or cremation

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    RandyO
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  10. #1360
    Lifer tsorfas's Avatar
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    Re: educate me 401-k

    I don’t know. I have seen families that became “rich” off life insurance. Personally I’d say f that money. But we do have mortgages and loans that need to be taken care of in the even something happens to either one of us.

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  11. #1361
    Super Moderator TheIglu's Avatar
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    Re: educate me 401-k

    Just stack your retirement plan and make sure you name your kid as the beneficiary, which even if you don't, he/she will be named as anyways.

    Some people treat life insurance as an investment method. I got the pitch from a salesman over lunch. Rates of return were garbage. Only upside is that it's guaranteed.

    The fact that you race motorcycles will hurt you. Between that and flying airplanes, I was going to be paying a lot more than a typical sports-spectator twat.

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  12. #1362
    Soul Rider Paul_E_D's Avatar
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    Re: educate me 401-k

    The nice thing about it is that it pays out immediately and tax free to the beneficiaries. It could be an important part of a strategy. It can take years for other types of inheritance to make it to pocket.

    Sent from my SM-G930V using Tapatalk

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  13. #1363
    Lifer Not Sure's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by RandyO View Post
    I agree, however, if yer thinking a life insurance policy of any kind is more than that yer dreaming

    It can be much more than that man. Lots of people have millions in life insurance. It's not a dream, you just pay the premium for it if it's worth it to you.

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  14. #1364
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    Re: educate me 401-k

    Quote Originally Posted by RandyO View Post
    I agree, however, if yer thinking a life insurance policy of any kind is more than that yer dreaming, so, you get a term policy for $100k, how long is $100k going to take care of family,

    yep, you got it, there are better ways to provide for your family after death

    all a life insurance policy needs to do is save your loved ones the expense of burying or cremation
    Funerals are a small nominal expense. Replacing years of my potential lost salary can be life changing for my surviving family. There are numerous ways to approach it which life insurance can be one of them. All of which should be incorporated into the estate planning. For less than the average person spends on a cup of coffee per year I have 7 figure life insurance coverage.

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  15. #1365
    Fast is contagious JettaJayGLS's Avatar
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    Re: educate me 401-k

    I was blown away with my current employer's basic (free) life insurance. I actually had to sit down and have a conversation as I considered beneficiaries.

    I have never done more than the free insurance. Prior to now, I've never really thought about it. I'm pretty low maintenance: no kids, no wife, donate my organs, cremate me, throw a celebration with whatever cash you get.

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    Last edited by JettaJayGLS; 04-26-19 at 11:57 AM.
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  16. #1366
    Super Moderator TheIglu's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by JettaJayGLS View Post
    no wife
    Dibs.







    My work plan is pretty decent as well. 1 year salary. They pay the premium.

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  17. #1367
    Member jimmycapp's Avatar
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    Re: educate me 401-k

    Work covers 2x salary for free. I think I added 40k for 2 dollars a month on my wife, because why not. She’ll have enough to pay off house plus a bunch. No kids.

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